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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Major Sources of Temporary Differences and Deferred Tax Effects

The table below provides a summary of the Company's tax assets and liabilities, including deferred tax assets and deferred tax liabilities by major source. Deferred tax balances represent temporary differences between the financial statement and corresponding tax treatment of income, gains, losses, deductions or credits. With the completion of the Merger, the deferred tax amounts now include a number of deferred tax items carried over from LBC, as well as new deferred tax items created as a consequence of the purchase accounting process and post-merger asset sales. In particular, deferred tax assets now include significant new items for loan purchase discount and loss carryover.

			September 30, 2024			September 30, 2023
			(In thousands)
Deferred tax assets
Allowance for credit losses			$	53,227		$	46,191
REO reserves			480			300
Non-accrual loan interest			3,124			1,797
Accrued bonus and deferred compensation			7,815			2,901
Stock based compensation			4,696			3,089
Lease liability			9,626			5,367
Loan purchase discount			48,064			—
Loss carryover			68,483			—
Other			1,739			2,804
Total deferred tax assets			197,254			62,449
Deferred tax liabilities
FHLB stock dividends			6,171			9,741
Net unrealized gain on available-for-sale securities and cash flow hedges			13,758			13,933
Loan origination fees and costs			11,777			11,471
Premises and equipment			16,390			18,155
Lease right-of-use assets			9,304			4,841
Equity investments			3,700			4,244
Acquired intangibles			12,824			4,798
Other			184			483
Total deferred tax liabilities			74,108			67,666
Net deferred tax asset (liability)			123,146			(5,217)
Current tax asset (liability)			(3,898)			13,696
Net tax asset (liability)			$	119,248		$	8,479

Schedule of Effective Income Tax Rate Reconciliation

The table below presents a reconciliation of the statutory federal income tax rate to the Company's effective income tax rate.

Year ended September 30,			2024			2023			2022
Statutory income tax rate			21.0		%	21.0		%	21.0		%
State income tax			2.3			1.7			1.9
Tax-exempt interest income			(2.1)			(1.2)			(0.9)
Interest expense disallowance			1.2			0.5			0.1
Low-income housing investments			(1.1)			(1.3)			(0.9)
Other differences			0.6			0.1			—
Effective income tax rate			21.9		%	20.8		%	21.2		%

Schedule of Components of Income Tax Expense (Benefit)

The following table summarizes the Company's income tax expense (benefit) for the respective periods.

Year ended September 30,			2024			2023			2022
			(In thousands)
Federal:
Current			$	54,817		$	58,667		$	50,854
Deferred			(4,767)			3,334			7,187
			50,050			62,001			58,041
State:
Current			7,837			4,425			6,600
Deferred			(1,872)			1,224			(934)
			5,965			5,649			5,666
Total
Current			62,654			63,092			57,454
Deferred			(6,639)			4,558			6,253
			$	56,015		$	67,650		$	63,707

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Topic 740
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-Name Accounting Standards Codification
-Section 55
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